Canaan stock has experienced a downtrend since March 2021 without any apparent reason. Despite this, it's essential to note that Canaan is one of the top Bitcoin Mining Companies, boasting a price to book value under 1 and having no debt. Additionally, they have successfully sold many miners in 2023 to prominent companies like Clean Spark and others.
In our opinion, this stock appears to be significantly undervalued at the moment, and we believe the current pullback is likely just a correction, presenting an opportunity to consider adding more to one's investment.